There are many things that lead people to buy a home. Marriage, the birth of a child, and job relocation are all common reasons for the purchase of a home. Without a crystal ball handy, it's impossible to know whether or not the life event that leads you to a new home purchase coincides with a low interest environment that will afford you an interest rate that remains favorable for the life of your loan.

So when you've had your home for a few years and you notice interest rates declining, you may rue the fact that you bought your home so early. But you're not stuck with that interest rate forever if you consider a mortgage refinance.

During a mortgage refinance, you ask a lender to loan you the money to pay off your existing mortgage. Naturally, this doesn't leave you debt-free; it simply replaces your original lender with the new one with the more favorable rates, almost like a large-scale balance transfer. A mortgage refinance is generally easy to do and takes little time. It also does not adversely affect your credit.

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